智通财经APP获悉，根据TrendForce集邦咨询最新研究，AI HPC（高效能运算）对异质整合的需求依赖 先进封装达成，其中的关键技术即是TSMC（台积电）的CoWoS解决方案。然而，随着云端服务业者 （CSP）加速自研ASIC，为整合更多复杂功能的芯片，对封装面积的需求不断扩大，已有CSP开始考量 从TSMC的CoWoS方案，转向Intel（英特尔）的EMIB技术。 TrendForce集邦咨询表示，CoWoS方案将主运算逻辑芯片、存储器、I/O等不同功能的芯片，以中介层 （Interposer）方式连结，并固定在基板上，目前已发展出CoWoS-S、CoWoS-R与CoWoS-L等技术。随 着NVIDIA（英伟达） Blackwell平台2025年进入规模量产，目前市场需求已高度倾向内嵌硅中介层的 CoWoS-L，NVIDIA下世代的Rubin亦将采用，并进一步推升光罩尺寸。 AI HPC需求旺盛导致CoWoS面临产能短缺、光罩尺寸限制，以及价格高昂等问题。TrendForce集邦咨询 观察，除了CoWoS多数产能长期由NVIDIA GPU占据、其他客户遭排挤，封装尺寸以及美国制造需求， 也促使Goog ...

Nov. 25, 2025 根据TrendForce集邦咨询最新研究，AI HPC（高效能运算）对异质整合的需求依赖先进封装达成， 其中的关键技术即是TSMC（台积电）的CoWoS解决方案。然而，随着云端服务业者（CSP）加速自 研ASIC，为整合更多复杂功能的芯片，对封装面积的需求不断扩大，已有CSP开始考量从TSMC的 CoWoS方案，转向Intel（英特尔）的EMIB技术。 TrendForce集邦咨询表示，CoWoS方案将主运算逻辑芯片、存储器、I/O等不同功能的芯片，以中介 层（Interposer）方式连结，并固定在基板上，目前已发展出CoWoS-S、CoWoS-R与CoWoS-L等技 术。随着NVIDIA（英伟达） Blackwell平台2025年进入规模量产，目前市场需求已高度倾向内嵌硅 中介层的CoWoS-L，NVIDIA下世代的Rubin亦将采用，并进一步推升光罩尺寸。 AI HPC需求旺盛导致CoWoS面临产能短缺、光罩尺寸限制，以及价格高昂等问题。TrendForce集邦 咨询观察，除了CoWoS多数产能长期由NVIDIA GPU占据、其他客户遭排挤，封装尺寸以及美国制造 需求，也促使 ...

Canaan (NasdaqGM:CAN) Q3 2025 Earnings Call November 18, 2025 08:00 AM ET Company ParticipantsNangeng Zhang - Chairman and CEOGwyn Lauber - Head of Investor RelationsJin James Cheng - CFOConference Call ParticipantsKevin Cassidy - Senior Research AnalystKevin Dede - Managing Director and Senior Technology AnalystMike Grondahl - Head of Equity Research and Senior Research AnalystMichael Donovan - AnalystHenry Hearle - Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to Canaan ...

Canaan (NasdaqGM:CAN) Q3 2025 Earnings Call November 18, 2025 08:00 AM ET Speaker2Ladies and gentlemen, thank you for standing by. Welcome to Canaan's Third Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, we will have a question-and-answer session. Please note that this event is being recorded. Now, I'd like to hand the conference over to your speaker today, Gwyn Lauber, Investor Relations for the company. Please go ahead, G ...

Core Insights - Cango Inc. has successfully transformed into a robust Bitcoin mining operation, marking a significant milestone in its strategic evolution [1][7] - The company aims to deliver energy-secured high-performance computing (HPC) services, leveraging its Bitcoin mining foundation for future growth [5][6] Company Transformation - The transformation began in November 2024, with Bitcoin mining as a practical entry point to secure energy access and build operational expertise [1] - Cango scaled its operations to a 50 EH/s global platform within eight months by acquiring mining machines, divesting China-based assets, and onboarding a new management team [2] Financial Performance - In Q2 2025, Cango reported revenues of US$139.8 million and adjusted EBITDA of US$99.1 million, driven by an asset-light model focused on operational efficiency [3] - The company held US$117.8 million in cash equivalents, establishing a competitive core business with a global footprint across multiple countries [3] Operational Milestones - Cango acquired a 50 MW facility in Georgia for US$19.5 million in August 2025, enhancing operational control and securing better power terms [4] - The company's hashrate efficiency exceeded 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy [4] Future Plans - Cango plans to expand into energy and HPC markets through disciplined, phased pilots and dual-purpose energy infrastructure development [5] - The company is set to transition to a direct NYSE listing on November 17, 2025, to enhance its capital structure [4]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

Financial Data and Key Metrics Changes - Riot reported total revenue of $153 million for the second quarter, a 5% decrease from $161.4 million in the previous quarter, primarily due to lower Bitcoin production [19] - Gross profit for the second quarter was $70.3 million, compared to $73.6 million in the prior quarter, with a gross margin of 46%, unchanged from the previous quarter [19] - Net income for the second quarter was $219.5 million, or $0.65 per share, compared to a net loss of $296.4 million, or $0.90 per share, in the prior quarter [19][20] - Non-GAAP adjusted EBITDA for the second quarter was $495.3 million, compared to a loss of $176.3 million in the prior quarter [20] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 33.7 to 35.4, representing a 5% increase, while the global hash rate rose by 9% during the same period [18] - Bitcoin mining revenue totaled $140.9 million, consistent with the prior quarter's revenue of $142.9 million, with a gross margin of 50%, up from 48% in the previous quarter [21] - Direct cost to mine, excluding depreciation, totaled $48,992 per Bitcoin, with power costs accounting for 77% of total direct costs [21][22] Market Data and Key Metrics Changes - The market for data center talent is highly competitive, with significant demand for power and infrastructure that is not currently being met [49] - The demand for compute capacity is expected to continue growing, driven by the AI arms race and increasing CapEx budgets from hyperscalers [49] Company Strategy and Development Direction - Riot's strategy focuses on maximizing the value of its power portfolio and transitioning power capacity towards data centers while utilizing Bitcoin mining where advantageous [13][41] - The company aims to build a robust and scalable data center segment, leveraging its existing power assets and Bitcoin mining capabilities [7][10] - Riot has hired Jonathan Gibbs as Chief Data Center Officer to lead the development of its data center business [14][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on market dynamics, emphasizing the importance of having readily available power in high-demand jurisdictions [41] - The company is strategically positioned to benefit from the growing gap between power demand and supply, particularly in key markets like Dallas and Austin [40] - Management highlighted the importance of a disciplined approach to capital allocation and the potential for shareholder value creation through strategic growth initiatives [12][41] Other Important Information - Riot ended the second quarter with over 19,000 Bitcoin and $330 million in cash, representing $2.4 billion in liquidity [15] - The company is actively engaged in discussions with potential data center tenants and has made significant progress in its Bitcoin mining operations [15][29] Q&A Session Summary Question: Discussion on Bitcoin generation and huddle strategy - Management explained that selling Bitcoin production allows the company to cover operating costs and focus on growth opportunities, with plans to adjust strategies based on Bitcoin price fluctuations [44][46] Question: Market dynamics regarding power transactions - Management noted robust demand in the data center market, with a significant gap between power availability and forecasted demand, emphasizing the importance of large-scale power capacity [49][50] Question: Basis of design for data centers - Management confirmed that significant progress has been made on the basis of design, which is crucial for engaging potential tenants and advancing negotiations [55][57] Question: Long lead times and infrastructure development - Management stated that critical infrastructure has already been secured, and they are confident in their ability to meet timelines for equipment procurement [59][60] Question: Potential tenants and negotiations - Management indicated that the basis of design will enhance negotiations with potential tenants, allowing for flexibility in serving various customer types [66][68] Question: Bitcoin mining outlook and network hash rate - Management projected a year-over-year growth of approximately 26% from 2024 to 2025, with a focus on maximizing the value of their power portfolio [74]

Core Viewpoint - The global wafer foundry industry is experiencing a seasonal revenue decline of approximately 5.4%, reaching $36.4 billion in Q1 2025, influenced by the U.S. tariff policy and China's old-for-new subsidy program [1][4]. Group 1: Industry Overview - According to TrendForce, the global wafer foundry industry is expected to see a revenue decrease of about 5.4% in Q1 2025, totaling $36.4 billion, due to the impact of U.S. tariff policies and the advance stocking effect before the expiration of tariff exemptions [1]. - The overall industry revenue is being supported by China's continuation of the old-for-new subsidy policy, which mitigates some seasonal impacts [1]. Group 2: Company Performance - TSMC maintains the top position with a market share of 67.6%, reporting a revenue of $25.5 billion, a 5% decrease due to the smartphone inventory seasonality, partially offset by stable AI HPC demand and urgent orders from television manufacturers [4]. - Samsung, ranked second, faced an 11.3% revenue decline to $2.89 billion, with a market share slightly decreasing to 7.7%, affected by U.S. advanced process restrictions on Chinese customers [4]. - SMIC, in third place, benefited from customers' advance stocking due to U.S. tariffs and China's subsidy policy, resulting in a 1.8% revenue increase to $2.25 billion [4]. Group 3: Future Outlook - TrendForce anticipates that as the advance stocking driven by tariffs concludes, overall momentum will gradually slow down. However, the continuation of China's old-for-new subsidy policy, along with the upcoming smartphone launches and stable AI HPC demand, is expected to drive capacity utilization and shipments in Q2 [5]. - The top ten wafer foundry companies are projected to see a revenue increase in Q2 [5].

Core Viewpoint - The global wafer foundry market revenue is expected to decline by approximately 5.4% quarter-on-quarter to $36.4 billion in Q1 2025, influenced by international market conditions and preemptive inventory stocking by various manufacturers [1] Group 1: Market Overview - The overall wafer foundry market revenue for Q1 2025 is projected to be $36.4 billion, down from $38.5 billion in Q4 2024 [2] - TSMC remains the market leader with a revenue of $25.5 billion and a market share of 67.6%, despite a 5% decline from the previous quarter [2][4] - Samsung's foundry revenue decreased by 11.3% to $2.89 billion, resulting in a market share drop to 7.7% [4] - SMIC's revenue increased by 1.8% to $2.25 billion, with a market share rise to 6% [4] - UMC's revenue fell by 5.8% to $1.76 billion, maintaining a market share of 4.7% [4] - GlobalFoundries experienced a significant revenue drop of 13.9% to $1.58 billion, with a market share of 4.2% [4] Group 2: Company Performance - Huahong Group's revenue decreased by 3% to $1.01 billion, with a market share of 2.7% [5] - VIS saw a revenue increase of 1.7% to $363 million, achieving a market share of 1% [5] - Tower Semiconductor's revenue declined by 7.4% to $358 million, with a market share of 0.9% [5] - Nexchip's revenue grew by 2.6% to $353 million, maintaining a market share of 0.9% [5] - PSMC's revenue decreased by 1.8% to $327 million, with a market share of 0.9% [5] Group 3: Future Outlook - The second quarter is expected to see a slowdown in momentum as the preemptive inventory stocking due to tariffs concludes, but the continuation of China's trade-in subsidy policy and upcoming smartphone launches are anticipated to drive demand [5]

Financial Data and Key Metrics Changes - Riot reported total revenue of $161.4 million for Q1 2025, a 13% increase from $142.6 million in the previous quarter [13] - Gross profit for Q1 2025 was $73.6 million, up from $55.7 million in the prior quarter, resulting in a gross margin increase from 39% to 46% [13] - Net loss for Q1 2025 was $296.4 million, or $0.90 per share, compared to a net income of $136.4 million, or $0.43 per share in the prior quarter [14] - Non-GAAP adjusted EBITDA for Q1 2025 was negative $176.3 million, a significant decrease from positive $296.3 million in the previous quarter [13][14] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 31.5 exahash to 33.7 exahash, a 7% increase, while global hash rate rose by 10% [11] - Bitcoin mining revenue totaled $142.9 million in Q1 2025, a 13% increase from $126.3 million in the prior quarter [14] - Engineering revenue increased by 20% to $13.9 million in Q1 2025, compared to $11.6 million in the previous quarter [16] Market Data and Key Metrics Changes - Riot ended Q1 2025 holding 19,223 Bitcoin, an 8% increase from 17,722 Bitcoin at the end of 2024 [12] - The price of Bitcoin at the end of Q1 2025 was $82,534, down from $93,354 at the end of Q4 2024, leading to a mark-to-market adjustment of $271.2 million [14] Company Strategy and Development Direction - The acquisition of Rhodium's assets aims to enhance Riot's hashrate capacity and reduce operating losses and litigation costs [7][19] - The company is focusing on developing its AI HPC data center business, with significant progress in land acquisitions and infrastructure development [10][20] - Riot's strategy includes maintaining a strong balance sheet while exploring various financing options to fund growth [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a Bitcoin yield of 7% year-to-date and emphasized the importance of operational efficiency [12][30] - The company is optimistic about the demand for data center capacity, particularly in the AI sector, and is actively engaging with potential tenants [42][43] - Management highlighted the importance of securing financing partners to support the development of the AI HPC data center [46][91] Other Important Information - Riot's capital expenditures in Q1 2025 totaled $48.9 million, primarily for the expansion of its Corsicana facility [20] - The company is actively pursuing additional land acquisitions to enhance its data center development capabilities [26][70] Q&A Session Summary Question: Insights on the large flexible load task force - Management clarified that Riot was not behind the inception of the task force but is involved in public policy efforts to support regulatory success [33][34] Question: Economics of capital projects - Management indicated it is too early to determine specific capital expenditure targets but is focused on maximizing shareholder value [36] Question: Demand for AI HPC opportunities - Management noted robust demand for data center capacity and positive feedback from hyperscalers regarding power delivery [42][43] Question: Financing options for AI HPC projects - Management stated they are exploring various financing structures to maximize value and are well-positioned with potential financing partners [46][91] Question: Impact of tariffs on power infrastructure - Management acknowledged that tariffs could impact costs for certain components but emphasized domestic production for critical switchgear [78] Question: Milestones for AI HPC development - Management highlighted the importance of building internal expertise and completing a basis of design for potential data centers as key milestones [81][82]